TODAY is the Deadline for Filing 1099s, W-2s, and Form 941!

The deadline is officially here! Employers and business owners must complete their year-end filing of Forms 1099 W-2, and 941 by midnight. 

If you haven’t filed your returns yet, don’t panic! 123PayStubs is here to help you file your returns easily and efficiently. 

Form W-2

Employers must file Form W-2 with the SSA and provide recipient copies to employees by January 31st, 2022.

All employers that pay wages to their employees, even if the employee is a relative, are required to file Form W-2 with the Social Security Agency (SSA) on their behalf each year. 

Form W-2 is a wage form used to report the wages an employee earned from their employer during the year with a breakdown of the taxes withheld. Employees need a copy of Form W-2 to file their own state and federal income taxes. 

Form 1099-NEC

Whether you file on paper or electronically, the filing deadline for Form 1099-NEC is January 31st, 2022. You must also provide recipient copies on or before the deadline.

Business owners must file Form 1099-NEC, Nonemployee Compensation (NEC), for each person in the course of your business to whom you have paid the following during the year

• At least $600 in: 
  • Services performed by someone who is not your employee
  • Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
  • Payments to an attorney 

You must also file Form 1099-NEC for each person from whom you have withheld any federal income tax (report in box 4) under the backup withholding rules regardless of the amount of the payment. 

Form 1099-MISC

The electronic filing deadline for Form 1099-MISC is March 31, 2022. Recipient copies of Form 1099-MISC have two separate deadlines depending on the information in boxes 8 and 10.

• Recipient copies with no data in box 8 or 10 are due by January 31, 2022
• Recipient copies with data in box 8 or 10 are due by February 15, 2022

IRS Form 1099-MISC is an IRS tax form that reports payments other than nonemployee compensation made by a trade or business to others. Form 1099-MISC is also used to report payments made for rent, fishing, boat, proceeds, medical and health care payments, prizes, awards, and more.

Form 941

Form 941 is due on a quarterly basis. The fourth-quarter filing deadline for Form 941 is January 31, 2022.

Employers who pay wages that are subject to income tax, social security, or Medicare tax withholding must file Form 941, the Employer’s Quarterly Federal Tax Return. Form 941 must be filed with the IRS even if your business has paid no income or is closed during the previous quarter. Employers can indicate on the form that they paid no wages. If your business has closed, the employer can indicate that this is the final Form 941. 

Form 941 is used to report the following information: 

• Employee’s wages
• Employee’s tips
• Medicare taxes withheld 
• Federal income taxes withheld 
• Both the employer’s and employees’ share of social security tax and any amount of social security taxes that were deferred
• Any qualified refundable or non-refundable tax credits for paid sick or family leave due to COVID-19
• Employee retention credits due to COVID-19

123PayStubs 

Meet your year-end filing deadlines now with 123PayStubs!